• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 38 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 24 hours How Far Have We Really Gotten With Alternative Energy
  • 9 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 4 days e-truck insanity
  • 1 day An interesting statistic about bitumens?
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days The United States produced more crude oil than any nation, at any time.
Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Despite Congress passing new sanctions…

Namibia Racks Up Another Major Offshore Oil Discovery

Namibia Racks Up Another Major Offshore Oil Discovery

Shares of Portuguese integrated energy…

Nigeria To Launch Crude Trading at its Commodity Exchange

Nigeria To Launch Crude Trading at its Commodity Exchange

Africa’s biggest oil producer, Nigeria,…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC+ Discusses Stalled Demand Recovery, Return Of Libyan Oil

OPEC logo

A panel of the OPEC+ group is discussing on Thursday the current major downside risks to oil prices—the return of oil supply from Libya and the rising coronavirus cases that threaten oil demand recovery, two sources at OPEC+ told Reuters.

The Joint Technical Committee (JTC) is meeting via videoconference today, ahead of the monthly Joint Ministerial Meeting (JMMC) planned to take place on October 19. The JTC advises the JMMC on oil market developments.

“The dark clouds of this pandemic continue to hang over us. In some countries, a second wave is already here, compounding both the human tragedy and economic uncertainty,” OPEC Secretary General Mohammad Barkindo said at the opening statement at the JTC meeting.

OPEC’s chief reiterated the cartel’s view that the worst of the crisis is over, but said that “History has taught us that there is no end to the need for dialogue and cooperation to achieve a more sustainable and resilient energy system for the benefit of all.”

The monthly OPEC+ panel meetings come as Libya has just restarted oil production at its largest oilfield, Sharara. Libya is currently producing about 300,000 barrels per day (bpd) and Sharara could add up to 200,000 bpd more after the lifting of an oil port blockade by the eastern-affiliated Libyan National Army (LNA).

The rise in Libyan supply coincides with a second wave of COVID-19 cases in many countries, with new restrictions being imposed in major economies in Europe, threatening to further derail the fragile economic and oil demand recovery. In the UK, London and areas in the north are moving later this week to tougher restrictions on social gatherings indoors, including in pubs and restaurants, France is imposing curfews on nearly a third of its residents, including in Paris, and Ireland and Germany also toughened restrictions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News